Why do startups fail? That’s a million dollar question and the exact answer to it is still unknown. In fact, there have been many studies and surveys done to find out the reasons.
There are many reasons, some in our control and some beyond. Here's a few that we can control:
1. You are never wrong:
Entrepreneurs need some arrogance. It’s necessary to break away from the shackles of self-doubts. Believing that you can do nothing wrong is a disaster waiting to happen. You will definitely do some things wrong. The point is to learn from those mistakes and move on. Learning is an important characteristic of an entrepreneur but first you have to accept your mistakes.
2. Hanging on to the idea religiously:
You become an entrepreneur to earn money by solving some genuine problem. If you are not making money or are unable to solve the problem effectively in future then there is no point on hanging on the idea. This is far easier said than done. It’s tough to move on from things that have been on your mind almost obsessively from months but sometimes it’s necessary. It’s not uncommon for many startups to totally change their ideas by the time they come out in the market. In fact, Reddit,a social news website, was originally going to be a way to order food on your cellphone!
3. Mixing Personal and Professional Life:
They say the best way to ruin a friendship is to start a business together. I have to say there is some merit in it but that does not mean it is written in stone. It can be done if we understand that everyone has different professional opinions and those should be respected and understood. It should not be the case that vital decisions of running a business are done in the influence of friendship rather than professionalism.
4. Procrastination:
Business is different from school. You can’t leave things to last minute. “Ho Jayega”(It will get done)
These two words can be heard frequently especially among students. This cannot work in the startup world. It is necessary that you as an entrepreneur remain in full control and that control cannot be kept if you have many things to finish at the last moment.
This list of reasons is just a tip of the iceberg. There are many other things that can go wrong but above-
mentioned reasons are some, that I believe most entrepreneurs face some form or another. You cannot really avoid them but can be prepared to deal with them.
- Manav Goel
